203 E Cheltenham Rd · Syracuse, NY 13205

$138,900

3 bd · 1.0 ba · 1,742 sqft · SingleFamily public records · 36 Days on market

Built 1930 9,108 sqft lot $80/sqft · 36% below area Est $217k · 36% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

Key facts

• Large eat-in kitchen
• Formal dining room
• Open front porch

Tags

• OPEN FRONT PORCH
• ATTACHED 2 CAR GARAGE
• FULLY FENCED BACK YARD
• WOOD BURNING FIREPLACE
• FORMAL DINING ROOM
• LARGE EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 8.2% in Syracuse — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#187 in NY, #2,869 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment D-.
• Syracuse City School District (urban): math 18% / reading 26% proficiency, ranked #590 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 67 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($960 loan paydown + $14k appreciation (10.0% local appreciation)).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $78k; list at $139k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,733 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

• ARV (median comp): $217,423
• List price: $138,900
• Delta: -36.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Weymouth Rd	0.06mi	3/1.0	1,586 (-9%)	4mo	$180,000	$113	78
169 E Cheltenham Rd	0.05mi	3/1.5	1,569 (-10%)	8mo	$242,169	$154	72
136 Weymouth Rd	0.11mi	3/1.5	1,508 (-13%)	6mo	$230,000	$153	65
206 Brampton Rd	0.22mi	3/1.5	1,532 (-12%)	6mo	$177,160	$116	63
100 Sunrise Dr	0.22mi	3/1.5	1,568 (-10%)	16mo	$187,000	$119	58
128 Edna Rd	0.73mi	3/1.0	1,740 (-0%)	13mo	$233,000	$134	55
4953 S Salina St	0.17mi	4/2.5 (+1)	1,970 (+13%)	10mo	$222,000	$113	51
121 Roney Rd	0.51mi	4/2.0 (+1)	1,672 (-4%)	11mo	$160,000	$96	51
5813 S Salina St	0.64mi	4/2.0 (+1)	1,804 (+4%)	5mo	$225,000	$125	51
3633 Midland Ave	0.71mi	3/1.5	1,536 (-12%)	2mo	$190,000	$124	43
3637 Midland Ave	0.70mi	3/1.5	1,597 (-8%)	16mo	$190,000	$119	38
318 Milburn Dr	0.74mi	4/1.5 (+1)	2,000 (+15%)	7mo	$42,500	$21	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.5%
• Equity multiple: 3.82×
• Total profit: $109,791
• Equity at exit: $125,132

10-year hold

• IRR: 31.5%
• Equity multiple: 8.62×
• Total profit: $296,464
• Equity at exit: $269,852

Cash invested: $38,892 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13205

• Home prices YoY: 3.0%
• Active inventory: 67
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,835 high
• Mortgage (P&I): −$728
• Tax from tax record: −$127 /mo · $1,525/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $536

Break-even live

Break-even rent $1,156

Max offer price $138,900

Occupancy floor 66%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,725
• Closing costs: $4,167
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Seeley Ave Syracuse, NY	4.0	1.0	1312	$2,100	$1.60	13d	1	0.56mi
683 E Seneca Tpke Syracuse, NY	1.0–2.0	1.0–2.0	937	$1,550	$1.65	13d	4	0.77mi
300 Mains Ave Unit Bradford-7 Syracuse, NY	2.0	1.0	1200	$1,100	$0.92	13d	1	1.18mi
102 Newbury Hollow Ln Syracuse, NY	3.0	2.0	2000	$2,300	$1.15	43d	1	1.28mi
102 Newbury Hollow Ln Syracuse, NY	2.0	1.5	1200	$1,550	$1.29	13d	1	1.28mi
147 E Matson Ave Syracuse, NY	3.0	2.5	1421	$2,000	$1.41	20d	1	1.28mi

Listing history 6 events

1. 2026-05-17
   status Pending 993-char remark

   Show marketing remark (993 chars)

   Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

2. 2026-05-16
   price $138,900 993-char remark

   Show marketing remark (993 chars)

   Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

3. 2026-05-11
   price $140,900 993-char remark

   Show marketing remark (993 chars)

   Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

4. 2026-04-25
   price $149,000 993-char remark

   Show marketing remark (993 chars)

   Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

5. 2026-04-11
   listed $159,000 Active 993-char remark

   Show marketing remark (993 chars)

   Affordable property in the Ardmore subdivision of the South Valley that just needs some rehab and TLC to make it your own. This home has a large open front porch, an attached 2 car garage and a fully fenced good sized back yard. The 1st level features a living room with wood burning fireplace, a formal dining room with hardwoods, a large eat-in kitchen, a room off the dining room that could be a small bedroom or office and another room that could be used as a bedroom or even another living area. Upstairs is the spacious primary bedroom (was previously 2 bedrooms converted into 1) and an additional bedroom both with hardwoods, a full bath and a full, finished, walk up attic currently being used as an additional bedroom. Similar sized/style nearby homes have sold for $230K-$250K plus in updated/renovated condition. This sale will need to be cash or rehab loan due to overall condition. Convenient location close to schools, the popular Green Hills Grocery store, parks and amenities.

6. 2004-07-16
   soldstatus $78,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,525 · $127/mo
• Projected year-2 tax: $1,936 · $161/mo
• Expected delta: +$411/yr (+$34/mo · 26.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,017
• − Mortgage interest: −$7,781
• − Property taxes: −$1,525
• − Insurance: −$694
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − Depreciation: −$4,041
• Taxable income: $4,453
• Est. tax owed @ 24.0%: −$1,069
• After-tax cash flow: $5,364/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Syracuse City School District
• NCES district ID: 3628590
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 26% ▬ 0.00%
• Median HH income: $32,097
• Composite: 17.83/100
• National rank: #9007
• State rank: #590 of 590 in NY

Livability — Syracuse

• Score: 77/100
• State rank: #187
• US rank: #2869

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Syracuse, NY
• City population: 152,627
• Population (ZIP): 18,562

Population outlook (Onondaga County) Hauer SSP2

• Today (2025): 467,894 people
• By 2030: 463,381 · -1.0%
• By 2040: 447,697 · -4.3%
• By 2050: 426,399 · -8.9%
• By 2075: 373,661 · -20.1%
• By 2100: 307,967 · -34.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Onondaga

• 2024 margin: D (+17.3) · D 58.6% · R 41.4%
• 2008→2024 swing: -3.0pp toward R · 2008: 20.3pp · 2024: 17.3pp
• All cycles: 2024: D+17.3 2020: D+20.6 2016: D+12.8 2012: D+21.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.12%
• Current HPI: 345.8854
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+76.9% since first listed

6 events — show timeline

• 2026-05-17 Pending — CNYIS
• 2026-05-16 Price Changed $138,900 CNYIS
• 2026-05-11 Price Changed $140,900 CNYIS
• 2026-04-25 Price Changed $149,000 CNYIS
• 2026-04-11 Listed $159,000 CNYIS
• 2004-07-16 Sold (Public Records) $78,500 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,525 · +0.0% YoY. Source: county tax records.